Federal PLUS Loans

Federal PLUS loans are for graduate/professional students and parents of dependent undergraduate students. Borrowers can use PLUS loans to help meet the cost of attendance or cover a student's expected family contribution (the amount of money the government expects the parents and student to provide each year for the student's education).

Interest rate and fees

  • The interest rate is fixed at 7.9%.
  • The origination fee reduction will be applied to principle balance after 12 consecutive payments have been made on account. A fee rebate of 1.5% we be instantly applied to account which would reduce the origination fee to 2.5% instead of the 4%.

How to apply

Parent borrowers:

This loan is designed for parents of the student. Parent of the student is classified as the mother/step-mother, or father/step-father. Any other family members may not apply for this type of loan to assist with tuition and fees.

  • Must be a U. S. citizen or eligible non-citizen
  • Not in default on a federal student loan
  • Not owing a refund on a federal education grant
  • Must have an adverse credit history
  • Son or Daughter must be enrolled in at least 6 semester hours
  • Complete master promissory note at https://studentloans.gov

Graduate borrowers:

  • A students who has a valid FAFSA on file
  • Complete master promissory note at https://studentloans.gov
  • A student whose enrolled at least half time
  • A student with good credit history
    • Of a co-borrower with strong credit
    • Or supporting documentation along with a statement on extenuating circumstances

Loan amount

With a PLUS loan, you can borrow up to the cost of attendance minus any other financial aid awarded.

Receiving Funds?

Parent borrowers:
Once the loan has been disbursed, the funds will be applied to the students account to cover charges. If the student has a credit balance based on the parent’s response on the MPN regarding credit balance, the credit will be sent directly to the parent or to the student.

Graduate borrowers:
Once the loan has been disbursed, the funds will be applied to your account to cover charges. If a credit balance is created, funds will be refunded to your Higher One account preference.

Loan Repayment

Parent borrowers:

  • Repayment begins 60 days after the loan fully disburse.
    • A deferment can be requested, which will delay repayment until 6 months after the student completes their program of study or drops below half-time enrollment. To apply for a deferment, the parent must contact the Direct Loan Servicing at 1-800-848-0979.
    • Up to 10 years to repay the loan
    • There is no grace period. Interest begins to accumulate immediately after disbursement.

Graduate borrowers:

  • Begin after the loan has disbursed fully for that academic year
    • A request for deferment can be submitted for payment to begin upon dropping below half time.
  • Up to 10 years to repay the loan
  • There is no grace period